This article was first published on Blog – Civic Technologies, Inc.
Spurred by an Explosion of Use Cases and High ETH Fees, Civic Joins Growing Solana Ecosystem
Civic Brings Digital Identity to the Future of Blockchain, Prioritizing Low Fees, Speed and Scalability
SAN FRANCISCO (March 11, 2021) — Civic, a leading innovator in digital identity solutions, today announced a technology integration with Solana, a project implementing a new, high-performance, permissionless blockchain. The collaboration will allow for improved privacy, regulatory compliance and ease-of-use as digital identity takes center stage as the cornerstone of the new wave of consumer-first blockchain infrastructure.
“Early blockchains have been good testing grounds, but with high fees and slow transactions, many consumers and applications are simply priced out of the ecosystem,” said Vinny Lingham, co-founder and CEO of Civic. “Now, with Solana, we’re making identity foundational to the blockchain and broader ecosystem that’s ready for the future and built to scale for mainstream consumption.”
Currently, high ETH transaction fees are blocking mainstream adoption of DeFi. These high rates more than erase any returns for the average investor, making investment in the ecosystem unattractive and unsustainable. Solana’s low fees scale as the ecosystem grows, and with Civic’s identity-based key management, key recovery and practical experience, Civic will help make financial tools more accessible to mainstream consumers.
In addition to the identity elements Civic is bringing to the Solana ecosystem for any project to leverage, the company is also building a consumer friendly gateway to DeFi on Solana starting with a wallet experience that enhances the vision started with their mobile app on Ethereum. The wallet will offer intuitive design, identity-backed key management and a safe place to store tokens. Because of Solana’s technology, the wallet will be high-speed and have low transaction fees. The company plans to eventually merge the new wallet with its existing mobile Civic Wallet. ...
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Blog – Civic Technologies, Inc.